Original｜Odaily Planet Daily（@OdailyChina）

Author｜Wenser（@wenser 2010）

Not long ago, Mysten Labs CEO evan.sui discussed his views on the "bear market". He mentioned that he does not agree with the saying "the bear market is good, keep building"; in fact, the bear market is not "great," and packaging it this way can overlook the real costs (such as discouraging builders and users). Many retail investors and excellent teams will face cash flow breakage and have to exit the market, ultimately harming the long-term development of the crypto industry.

However, the data evidence does not align with this view. A report released by Lattice VC in October 2024 shows that over 80% of crypto startups that announced seed round financing during the 2022 bear market are still in development. In other words, if project teams can ensure relative stability in personnel and funding, the bear market can indeed be more favorable for project construction and development. The reasons may be that in a bear market, project teams are more focused on product development and experience optimization; or perhaps a bear market can hone various survival skills of project teams. In conclusion, being in a crypto bear market may enable aspiring entrepreneurs to find a way out and carve their own path of development.

In light of this, we will explore potential employment tracks and project directions during this cycle through a series of articles titled "Crypto Bear Market Entrepreneurship Guide". If in the future there are indeed crypto projects born and rapidly grow from this situation, Odaily Planet Daily also welcomes project teams to discuss cooperation.

Today, let's first discuss the current hottest potential entrepreneurial direction besides prediction markets—the pre-market price differential market for crypto stocks.

The Real Demand of the Crypto Stock Pre-Market: Platform Differentiation and Liquidity Bridge

As a bridge connecting the crypto market and traditional financial market, crypto stock trading platforms have attracted significant attention and active participation from crypto project teams. Major global securities platforms, including Nasdaq and the New York Stock Exchange, are also getting involved in order to capture the incremental market and further activate liquidity in the traditional financial market.

Moreover, it's not just the listed crypto concept stocks that have undergone stock tokenization and on-chain contract transformation; many popular concept stocks that have not gone public yet are also being highly sought after by the crypto market and traditional financial market, thus birthing numerous pre-market stock tokenization trading platforms.

Considering that this year the capital market is about to welcome a series of IPOs including OpenAI, Anthropic, SpaceX (xAI), Kalshi, Polymarket, OKX, Kraken, and others, there’s no doubt that 2026 will be a "big year for IPOs."

In the context of the crypto market experiencing frequent dips with occasional rebounds and the stock market rising steadily, the heat of the stock pre-market trading market further corroborates the above view—both the crypto market and traditional financial market have a strong demand for pre-market trading of popular concept stocks.

This is the main reason why platforms like PreStocks, Jarsy, and Tessera are emerging in the stock pre-market trading space. Additionally, compared to traditional pre-market trading markets like Hiive and Nasdaq Private Market, the trading methods, purchase limits, and entry barriers in the crypto pre-market trading market are more flexible, and premiums are relatively high, which has attracted enthusiastic user participation.

But just as different exchanges can have different price disparities for the same token, before a mechanism similar to oracles is introduced in the stock pre-market, we can clearly see that there are certain price discrepancies among differently priced stocks listed on different platforms.

Based on the above information, we could boldly conclude that the crypto market still lacks one or more "bridge platforms between stock pre-market trading markets."

This may be a necessary step to advance stock tokenization and stock pre-market tokenization—creating a unified comprehensive platform that encompasses both traditional financial market pre-trading and crypto market pre-trading.

Next, we will take the two leading prediction market platforms, Kalshi and Polymarket, which are seeking $20 billion in funding, along with SpaceX (xAI), valued at $12.5 trillion, as examples to discuss the feasibility and real demand of this "entrepreneurial direction."

Comparing Price Differences Among PreStocks, Jarsy, and Tessera: Maximum Price Difference Rate Exceeds 50%, Prices Differ by Nearly $150 at Most

Kalshi Pre-Market Price Difference: Up to $148, Price Difference Rate About 37%

Taking Kalshi's pre-market trading market as an example, its prices across different platforms are as follows—

On the PreStocks platform, the pre-market price of the stock token is around $397; (compared to the $369 mentioned in our article "Kalshi Trading Volume Continues to Hit New Highs, What’s a Reasonable Pre-Market Price?", which has increased by nearly $30, a growth rate of 7.6%)

On the Jarsy platform, the pre-market price is around $545. (compared to the $504 mentioned in our article "Kalshi Trading Volume Continues to Hit New Highs, What’s a Reasonable Pre-Market Price?", which has increased by over $40, a growth rate of 8.1%)

In other words, the price difference of Kalshi's stock pre-market prices across the two major platforms reaches $148 (Note from Odaily Planet Daily: Considering that the two platforms adopt order book trading and on-chain liquidity token trading mechanisms, this comparison is abstract, and we do not involve specific asset transfer forms, hereafter the same). If we calculate based on the traditional financial market pre-market trading platform Hiive's price of $360, the price difference can be as high as $185.

Polymarket Pre-Market Price Difference: Up to $94, Price Difference Rate Exceeds 50%

Taking Polymarket's pre-market trading market as an example, its prices across different platforms are as follows—

On the PreStocks platform, the pre-market price of the stock token is around $186 (Note from Odaily Planet Daily: recent 30-day growth rate of 23%);

On the Jarsy platform, the pre-market price is around $280.

In other words, Polymarket's stock pre-market price difference across the two major platforms is about $94, with a price difference rate of approximately 50.5%.

SpaceX (xAI) Pre-Market Price Difference: About $75, Price Difference Rate 12.7%

Taking SpaceX (xAI) as an example, its prices across different platforms are as follows—

On the PreStocks platform, the pre-market price of the stock token is around $666 (Note from Odaily Planet Daily: recent 30-day growth rate of 4.1%);

On the Tessera platform, the pre-market price of the stock token is currently reported at around $591 (Note from Odaily Planet Daily: recent 30-day growth rate of approximately 14.5%).

In other words, the price difference of SpaceX stock pre-market prices across the two major platforms is around $75, with a price difference rate of about 12.7%.

In summary, based on the existing pre-market trading platforms, it may be possible to build a crypto stock pre-market price difference market that satisfies market trading needs and speculative desires after acquiring sufficient pre-market tokens or pre-market equity capital.

Of course, considering that the current market liquidity is still within the million-dollar range, the main business model of this platform may remain focused on trading fees, LP fees, and realizing the price difference through the platform's own investment amounts.

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